https://www.taxtmi.com/caselaws?id=69656 The Tribunal upheld the applicability of Section 45(4) of the Income-tax Act, 1961, in charging capital gains tax upon the dissolution of a firm. It determined that the fair market value of the property distributed should be used to compute capital gains, rejecting the argument that no transfer occurred post-dissolution. The Tribunal emphasized the independent nature of Section 45(4) in taxing capital gains from the distribution of assets, irrespective of the definition of 'transfer' under Section 2(47). The appeal was dismissed, affirming the taxation approach based on Section 45(4). en-us Fri, 29 Aug 1997 00:00:00 +0530 Mon, 11 Apr 2011 12:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69656 The Tribunal upheld the applicability of Section 45(4) of the Income-tax Act, 1961, in charging capital gains tax upon the dissolution of a firm. It determined that the fair market value of the property distributed should be used to compute capital gains, rejecting the argument that no transfer occurred post-dissolution. The Tribunal emphasized the independent nature of Section 45(4) in taxing capital gains from the distribution of assets, irrespective of the definition of 'transfer' under Section 2(47). The appeal was dismissed, affirming the taxation approach based on Section 45(4). Case-Laws Income Tax Fri, 29 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69656